IRFC Provides ₹12,842 Crore Refinancing for HURL
New Delhi, March 23, 2026 – Indian Railway Finance Corporation Limited (IRFC), a Navratna CPSE under the Ministry of Railways, has signed a Rupee Term Loan agreement with Hindustan Urvarak and Rasayan Limited (HURL) for the refinancing of existing long-term debt up to ₹12,842 crore.According to Manoj Kumar Dubey, Chairman & Managing Director, IRFC, the transaction reflects a whole-of-government approach, providing cost-effective, long-term financing to strategically important sectors like fertilizers.
The loan agreement, signed in New Delhi between Sunil Kumar Goel, Executive Director (Finance), IRFC, and Poonam Jeswani, Chief Financial Officer, HURL, is one of IRFC's largest refinancing initiatives. It aligns with IRFC’s strategic vision under IRFC 2.0 and is expected to deliver value to HURL through competitive financing terms and an optimised repayment structure.
The project has strong logistical links to the railway ecosystem, with HURL’s plants well-connected via rail infrastructure and fertilizer movement coordinated with Indian Railways.
Established in 1986, IRFC plays a crucial role in strengthening India's rail infrastructure. Its mandate now covers projects with forward and backward linkages to railways, including power generation, transmission, mining, fuel, warehousing, telecom, and multimodal logistics. IRFC maintains a zero-NPA portfolio.
Hindustan Urvarak and Rasayan Limited (HURL), a joint venture of NTPC, Coal India, Indian Oil, FCIL, and HFCL, is bolstering India’s domestic urea production capacity.
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